Pension Sharing Orders in Divorce Explained
When dividing assets in a divorce, pensions can often be one of the largest matrimonial assets. Because it’s such a valuable asset it can problematic deciding who is entitled to what.
In any divorce, the best way to protect your pension is to get a clean break, which means that your partner can’t claim against your pension further down the line.
Alternatively, you might want to enter in to a Pension Sharing Order. This will make anything you and your former partner agree about your pensions legally binding, and mean your partner can’t claim for any more of your pension further down the line.
Your pension is probably one of your largest assets, so we understand if you want to protect it when getting a divorce.
But when you get married your pension becomes a marital asset, and divorce alone does not cut the financial ties of marriage. This is why it’s so important to consider your pension in any financial agreements you and your former partner make when separating, in particular in longer marriages.
The law around how your pensions should be divided is not straightforward and really depends on your situation. It might be that your pensions are of similar value, in which case you might be happy to just keep your own pensions and move on.
Sadly, this isn’t always the case and we see far too many couples divorcing without even discussing their pensions, even where one may have a much larger pension than the other.
If you’re worried about what might happen to your pension in divorce, speak to one of our Divorce Solicitors. We will look at your unique situation and tailor our expert legal advice to your needs.
There are 3 ways that your pensions can be dealt with in divorce:
There’s no best option and what you and your former partner decide should be based on your circumstances.
Because there’s no hard and fast rules when it comes to pensions in divorce, it’s always a good idea to get expert legal advice if this is something you’re concerned about.
Our Divorce Solicitors can advise you on what might work for your divorce. Your pension will be part of the total value or matrimonial assets that you share with your former partner, so it’s a good idea to look at all of your shared assets overall when deciding what to do with your pensions.
When it comes to something as valuable as your pension, it’s really important that you make the right decision and make sure you both stick to your agreements.
This can be done not only with a Financial Order, but also with expert legal advice from a Divorce Solicitor and a pension expert.
Because pensions can be complicated, it’s hard to know exactly what each of you are entitled to and this could change throughout your lifetime.
Our Divorce Lawyers have years of experience in helping separating couples with their finances, and we can help to work out a fair divorce settlement so you can get the financial security and clean break you deserve.
Fill in the form below to get in touch with one of our dedicated team members, or call our team today on: 0808 239 3465